A bill to amend the Employee Retirement Income Security Act of 1974 to provide for greater spousal protection under defined contribution plans, and for other purposes.
3/25/2025, 10:56 AMSummary of Bill S 988
Bill 119 s 988, also known as the Spousal Protection Act, aims to amend the Employee Retirement Income Security Act of 1974 (ERISA) to enhance spousal protection within defined contribution plans. Defined contribution plans are retirement savings accounts where employees and employers contribute funds for retirement, such as 401(k) plans.The main goal of this bill is to provide greater protections for spouses of individuals who participate in defined contribution plans. Currently, these plans may allow participants to designate beneficiaries other than their spouses, potentially leaving the spouse vulnerable in the event of the participant's death.
The Spousal Protection Act seeks to address this issue by requiring spousal consent for any beneficiary designations that do not name the spouse as the primary beneficiary. This would ensure that spouses are aware of and agree to any decisions that could impact their financial security in retirement. In addition to enhancing spousal protections, the bill also includes provisions for other purposes related to retirement security. These may include measures to improve transparency and accountability within defined contribution plans, as well as safeguards to prevent fraud and abuse. Overall, Bill 119 s 988 aims to strengthen retirement security for spouses and ensure that they are adequately protected within defined contribution plans. By requiring spousal consent for beneficiary designations and implementing other safeguards, the bill seeks to promote financial stability and peace of mind for couples planning for retirement.
Current Status of Bill S 988
Bill S 988 is currently in the status of Bill Introduced since March 12, 2025. Bill S 988 was introduced during Congress 119 and was introduced to the Senate on March 12, 2025. Bill S 988's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of March 12, 2025Bipartisan Support of Bill S 988
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
23Democrat Cosponsors
21Republican Cosponsors
0Unaffiliated Cosponsors
2Policy Area and Potential Impact of Bill S 988
Primary Policy Focus
Alternate Title(s) of Bill S 988
A bill to amend the Employee Retirement Income Security Act of 1974 to provide for greater spousal protection under defined contribution plans, and for other purposes.A bill to amend the Employee Retirement Income Security Act of 1974 to provide for greater spousal protection under defined contribution plans, and for other purposes.Comments
Most relevant
Sponsors and Cosponsors of S 988
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